Bio-Rad Laboratories (BIO) Lifted to “Strong-Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Bio-Rad Laboratories (NYSE:BIO) from a hold rating to a strong-buy rating in a research note released on Wednesday morning. They currently have $291.00 price target on the medical research company’s stock.
According to Zacks, “Bio-Rad Laboratories, Inc., together with its subsidiaries, engages in the manufacture and supply of products and systems for the life science research, healthcare, analytical chemistry, and other markets worldwide. The company’s products are used to separate complex chemical and biological materials, and to identify, analyze, and purify their components. It operates in two segments, Life Science and Clinical Diagnostics. The Life Science segment offers electrophoresis, image analysis, molecular detection, chromatography, gene transfer, sample preparation, and amplification products and services. The Clinical Diagnostics segment provides control, autoimmune, diabetes, and blood virus testing products. Bio-Rad is renowned worldwide among hospitals, universities, major research institutions, as well as biotechnology and pharmaceutical companies for its commitment to quality and customer service. The company is headquartered in Hercules, California. “
A number of other analysts also recently issued reports on the company. Wells Fargo & Company reaffirmed an outperform rating and issued a $290.00 target price (up previously from $250.00) on shares of Bio-Rad Laboratories in a research report on Wednesday, November 29th. TheStreet raised Bio-Rad Laboratories from a c+ rating to a b- rating in a research report on Monday, November 13th. Finally, Deutsche Bank reaffirmed a buy rating and issued a $255.00 target price on shares of Bio-Rad Laboratories in a research report on Monday, September 18th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $277.75.
Bio-Rad Laboratories (NYSE:BIO) last released its earnings results on Thursday, November 2nd. The medical research company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.37. The business had revenue of $535.00 million for the quarter, compared to the consensus estimate of $507.99 million. Bio-Rad Laboratories had a return on equity of 3.44% and a net margin of 1.15%. Bio-Rad Laboratories’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.62 earnings per share. research analysts expect that Bio-Rad Laboratories will post 2.68 EPS for the current year.
Bio-Rad Laboratories announced that its board has initiated a share repurchase plan on Tuesday, November 28th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the medical research company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
In other Bio-Rad Laboratories news, EVP Michael Crowley sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $258.39, for a total transaction of $258,390.00. Following the transaction, the executive vice president now owns 2,492 shares of the company’s stock, valued at $643,907.88. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Christine A. Tsingos sold 4,980 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $249.40, for a total value of $1,242,012.00. Following the transaction, the chief financial officer now directly owns 7,283 shares in the company, valued at approximately $1,816,380.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,126 shares of company stock worth $2,309,426. 28.29% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in BIO. Great West Life Assurance Co. Can increased its position in Bio-Rad Laboratories by 0.5% during the second quarter. Great West Life Assurance Co. Can now owns 12,447 shares of the medical research company’s stock worth $2,816,000 after buying an additional 67 shares during the last quarter. World Asset Management Inc increased its position in Bio-Rad Laboratories by 1.4% during the second quarter. World Asset Management Inc now owns 1,025 shares of the medical research company’s stock worth $232,000 after buying an additional 14 shares during the last quarter. Trexquant Investment LP acquired a new position in Bio-Rad Laboratories during the second quarter worth approximately $308,000. Canada Pension Plan Investment Board acquired a new position in Bio-Rad Laboratories during the second quarter worth approximately $113,000. Finally, Schwab Charles Investment Management Inc. increased its position in Bio-Rad Laboratories by 1.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 115,218 shares of the medical research company’s stock worth $26,075,000 after buying an additional 2,070 shares during the last quarter. 63.91% of the stock is currently owned by hedge funds and other institutional investors.
Bio-Rad Laboratories Company Profile
Bio-Rad Laboratories, Inc (Bio-Rad) is a manufacturer and distributor of its life science research and clinical diagnostics products. The Company operates through two segments: Life Science and Clinical Diagnostics. It manufactures and supplies the life science research, healthcare, analytical chemistry and other markets with a range of products and systems used to separate complex chemical and biological materials and to identify, analyze and purify their components.
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